It didn't blow up, he just passed it to a ghost.
That ball does bounce pretty high. Why doesn't the NBA do this? They totally should, it would be so cool if they were running around with super bouncy balls like it's Space Jam. They'd be all like "whoosh," and "boing," and "at the three point line, it's—AAAHHAHAHAHAHAH."
If that wasn't your response to this video, congratulations, you've become an adult. I'm sorry. If you're not fully out of Peter Pan magic, however, enjoy this weird remixed song made from the audio on this video (h/t Digg):
(by Johnny McNulty)